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Kin Mining substantial shareholder Delphi AG lifts stake to 23.05%

Kin’s recent rights issue raised more than $6 million, allowing the company to continue its systematic exploration program over the Cardinia Gold Project tenure.

Kin Mining NL - Kin Mining substantial shareholder Delphi AG lifts stake to 23.05%
Phase 3 drilling is well underway with two drill rigs operating

Kin Mining NL’s (ASX:KIN) substantial shareholder Delphi Unternehmensberatung Aktiengesellschaft (AG) has boosted its holding to 23.05% after participating in a rights issue.

The prominent German-based investor in junior resources stocks added more than 19.729 million shares at 11 cents per share for a total value exceeding $2.17 million.

Delphi now holds more than 157.83 million Kin shares worth about $20.518 million.

Cardinia Gold Project

Kin’s non-renounceable rights issue at an issue price of 11 cents per new share recently closed following strong support, particularly from major shareholders.

The company received acceptances for more than 55.147 million new shares valued at about $6.066 million.

The funds received will enable Kin to complete the third phase of its exploration program at the Cardinia Gold Project (CGP), which is in full swing.

Two rigs operating

Managing director Andrew Munckton said: “The funds raised will enable Kin Mining to continue its systematic exploration program over the Cardinia Gold Project tenure.

“Our Phase 3 drilling program commenced in late June and is already well underway with two drill rigs operating.

“RC drilling is already complete at Cardinia Hill and has moved onto initial assessment of the multiple other exciting target areas and emerging discoveries.

“We are looking forward to a strong flow of news in the coming weeks.”

Quick facts: Kin Mining NL

Price: 0.225 AUD

ASX:KIN
Market: ASX
Market Cap: $157.5 m
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